Molecular Diagnostics Market Insight —
Molecular diagnostic techniques are used to analyze biological markers in the genome and proteome. These tests help in diagnosing diseases, their root cause, and determining therapies to be administered in the treatment. The molecular diagnostic market has been witnessing an enormous growth over the past few years. The growth attributes to the rising demand for improved diagnostic procedures to control the prevalence of myriads of chronic diseases and infectious disease growing at an alarming rate.
Besides, increasing awareness regarding the benefits of these techniques and technological advancements are boosting the market growth, increasing the uptake of molecular diagnostic methods. According to Market Research Future (MRFR), the global molecular diagnostics market is estimated to reach USD 16,319.09 MN by 2025, registering 8.57% CAGR during the assessment period (2019-2025). Rise in incidences of different types of cancer and increasing cancer researches are the major growth propellers of the market.
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Recent COVID 19 outbreak has impacted the global molecular diagnostics industry phenomenally. Countries with high rates of coronavirus testing, such as China, Germany, and South Korea, are leading the pack in getting molecular-based testing ready for the market. Diagnostic technology companies are increasingly teaming with electrochemistry, molecular biology, and microfluidics for the development of hand-held portable devices that can leverage molecular diagnostics for this infectious disease - COVID 19.
Additionally, many diagnostic companies are focusing on the development of connected, portable lab to provide on-site care, including molecular diagnostic tests. They are making substantial investments targeting the development of a portable point-of-care COVID-19 test. On the other hand, stringent regulatory policies are significant factors projected to pose challenges in the growth of the market. Nevertheless, increasing emphasis on diagnostic companies would support the market growth during the estimated period.
Impact of COVID-19 on the Global Molecular Diagnostics Market
The spread of COVID-19 worldwide has dramatically increased the number of suspected cases and the geographic areas where laboratory testing must be implemented and intensified. The molecular testing for COVID-19 has led to shortages of molecular testing reagents worldwide for COVID-19. Beyond supply issues, there are limitations of absorption capacity in several regions, especially in low- and middle-income countries.
Currently Available Testing Kits: Molecular assays and immunoassays are the most widely adopted diagnostics tests for COVID-19. Furthermore, digital solutions are being developed to monitor and track the development of COVID-19. For instance, InferRead CT Pneumonia is being developed by Beijing-based Infervision Technology, which detects lesions from symptoms of pneumonia. Breath biomarkers that can detect and track the virus are currently being developed.
Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on Molecular Diagnostics Market and demographic challenges, showed how it could move forward in the coming years.
Global Molecular Diagnostics Market – Segments
The report is segmented into five dynamics;
By Product: Reagents & Kits, Instruments, Services & Software, and others.
By Technique: Polymerase Chain Reaction (PCR), Isothermal Amplification, Hybridization, Sequencing, Microarray, and others.
By Application: Infectious Diseases, Oncology, Genetic Tests, and others.
By End User: Hospitals & Clinics, Diagnostic Laboratories, and others.
By Regions: North America, Europe, Asia Pacific, and the Rest-of-the-World.
Molecular Diagnostics Market – Regional Analysis
North America leads the global molecular diagnostics market. The largest market share attributes to the rising prevalence of chronic diseases and growing demand for innovative diagnostics in the region. Also, the presence of key industry players and increasing numbers of pharmaceutical and biotechnology companies in the region boost market growth. The availability of advanced healthcare facilities and high per capita healthcare expenses in the region impact the growth of the market phenomenally. The North American molecular diagnostics market is estimated to retain its dominance over the global market throughout the forecast period.
Europe stands second in the global molecular diagnostics market. The market is majorly driven by the availability of R&D funds and rising support from the government for the development of the life science sector. Besides, the increasing geriatric population, alongside the growing occurrences of chronic diseases in the region, creates a huge demand for effective diagnosis procedures. The European molecular diagnostics market is projected to create a substantial revenue pocket during the review period.
The Asia Pacific molecular diagnostics market has emerged as a rapidly growing market globally. Factors such as the large population base and growing biotechnology companies in the region push the growth of the market. Also, the burgeoning pharmaceutical industry in the region supports market growth exponentially.
China, Japan, and India dominate the Asia Pacific market owing to the growing economy and manufacturing activities in the molecular diagnostic field. Moreover, the rapidly growing medical devices sector in these countries provides further impetus to the regional market growth. The APAC molecular diagnostics market is expected to grow at a significant CAGR during the forecast period.
Global Molecular Diagnostics Market – Competitive Landscape
Highly competitive, the molecular diagnostics market appears fragmented due to the presence of many large and small players. Industry players are facing extreme pricing pressures, especially in the low-end market. Companies in the high-end market are pursuing collaboration and partnerships with other players to innovate new products.
Molecular Diagnostics Market Major Players:
Players leading the global molecular diagnostics market include Hologic, Inc., F.Hoffmann-La Roche Ltd., QIAGEN, Abbott Laboratories, Becton, Dickinson and Company, Cepheid, Thermo Fisher Scientific, Siemens, and Agilent Technologies, among others.
Molecular Diagnostics Industry/ Innovation/ Related News:
May 19, 2020 ---- Bosch Healthcare Solutions (Germany) and BioGX (the US), announced their partnership for point of care molecular tests to expand molecular diagnostic tests offering for the Vivalytic platform. This partnership would accelerate the planned expansion of the test portfolio for the Vivalytic all-in-one platform.
Bosch Healthcare Solutions offers innovative diagnostic solutions in the healthcare and medical technology sectors. BioGX develops innovative molecular reagents for DNA-/RNA-based tests and provides partner-specified formulation and manufacturing services for molecular reagents platforms.
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